CANYON RESOURCES LIMITED — Annual Report 2020

Feb 17, 2021

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Developing a Global Tier One Bauxite Asset February 2021

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Disclaimer

Competent Person’s Statement – Ore Reserves

The information in this report that relates to Ore Reserves is based on information compiled or reviewed by Mr John Battista, a Competent Person who is a Member and Chartered Professional (Mining) of the Australasian Institute of Mining and Metallurgy and is currently employed by Mining Plus (UK) Ltd. Mr Battista has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC Code).

Mr Battista consents to the disclosure of information in this report in the form and context in which it appears.

Competent Person’s Statement – Mineral Resources

The information in this announcement that relates to mineral resources is based on information compiled or reviewed by Mr Mark Gifford, an independent Geological expert consulting to Canyon Resources Limited. Mr Mark Gifford is a Fellow of the Australian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code).

Mr Gifford consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

Mineral Resource estimate

The data in this announcement that relates to the Mineral Resource estimates for the Minim Martap Bauxite Project is based on information in the Resources announcement of 08 October 2020 and available to view on the Company’s website and ASX. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the original market announcement continue to apply and have not materially changed. The Company confirms that the form and the context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement

Pre-Feasibility Study

The data in this announcement that relates to the Pre-Feasibility Study for the Minim Martap Bauxite Project and associated production targets and forecast financial information, is based on information in the PFS announcement of 01 July 2020. and available to view on the Company’s website and ASX.

The Company confirms that all the material assumptions underpinning the production target and forecast financial information derived from the production target continue to apply and have not materially changed.

Ore Reserve estimate

The data in this announcement that relates to the Ore Reserve estimate estimates for the Minim Martap Bauxite Project is based on information in the maiden Ore Reserve announcement of 10 August 2020 and available to view on the Company’s website and ASX.

The company confirms that the 2020 Mineral Resource estimate has no material impact to the Ore Reserve estimate. The Company confirms that it is not aware of any additional new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the original market announcement continue to apply and have not materially changed. The Company confirms that the form and the context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

Forward looking statements

All statements other than statements of historical fact included in this announcement including, without limitation, statements regarding future plans and objectives of Canyon, are forward-looking statements. When used in this announcement, forward-looking statements can be identified by words such as ‘anticipate”, “believe”, “could”, “estimate”, “expect”, “future”, “intend”, “may”, “opportunity”, “plan”, “potential”, “project”, “seek”, “will” and other similar words that involve risks and uncertainties.

These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that are expected to take place. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, its directors and management of Canyon that could cause Canyon’s actual results to differ materially from the results expressed or anticipated in these statements.

Canyon cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this announcement will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. Canyon does not undertake to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this announcement, except where required by applicable law and stock exchange listing requirements.

References :

ASX announcement 08 October 2020 ASX announcement 01 July 2020 ASX announcement 10 August 2020

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Contents

1	Introduction to Canyon	4
2	History and Future	10
3	The Project	13
4	The Path to Mining	20
5	The Team	26

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CAMEROON
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Introduction to Canyon Resources Overview

Executive Summary

• Minim Martap is recognised as a world class high grade bauxite project

• Project located in Cameroon, West Africa

• Total JORC compliant resource base of 1.0 billion tonnes at 45.2% Al2O3 with considerable upside potential

• Contains a high-grade resource of:

• 484 Mt at 48.8% Al O 2 3

• Low reactive silica – 2.6%

• Very high gibbsite content >90%, suitable for low temp alumina refining

• High alumina, low impurities: suitable for most refineries around the world

• Operating rail line runs from the Project area to the existing Douala Port

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Canyon’s Minim Martap Project, Cameroon

• The rail line and port both have the capacity for the Project

• Positive PFS released, BFS to be completed during Q3 2021

• Mining license application to be made in Q2 2021

• Strategic off-take and funding discussions advancing in parallel with the BFS & Government negotiations

References: As per ASX release dated 8 October 2020.

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Corporate Overview

Market Capitalisation and Enterprise Value

Market Details	Units	Value
Shares outstanding	m	623.9
Last close (15 Feb 2021)	A$/share	0.12
Market Capitalisation	A$m	74.9
Cash (31 December 2020)	A$m	7.9
Debt (31 December 2020)	A$m	-
Enterprise Value	A$m	67.0

Substantial Shareholders

Name	Shares Held (m)	% of IC
AusGlobal Bauxite Pty Ltd	56.3	9.0%
Other shareholders	567.6	91.0%
Total	623.9	100%

Share price / volume history (A$; millions)

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0.20 6.0
0.18 5.0
0.15 4.0
0.13 3.0
0.10 2.0
0.08 1.0
0.05 0.0
Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21
Price (A$)
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Board of Directors

Board of Directors
Cliff Lawrenson	Non-Executive Chairman
Phillip Gallagher	Managing Director
David Netherway	Non-Executive Director
Peter Su	Non-Executive Director
Steven Zaninovich	Non-Executive Director
Dimitri Bacopanos	Non-Executive Director

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Why Canyon’s Minim Martap Project?

1	Tier 1, globally significant, high grade bauxite deposit	 One of the largest undeveloped, high grade direct shipping bauxite deposits held outside of the existing major industry players  JORC Resource of 1 Billion tonnes at 45.2% Al2O3with low silica (~2%)
2	Superior bauxite product compared to peers	 Product has a high in-situ value (based on its high available alumina content and low reactive silica) compared with other bauxite projects globally
3	A simple, advanced stage bauxite asset	 Simple mining method – continuous miners, minimal overburden and no processing requirements i.e. direct shipping ore  Existing rail located adjacent to Project linking to the existing port of Douala
4	BFS underway with strategic partners	 Appointed leading EPC company MCC-CIE to complete BFS works (excluding the rail BFS studies)  MCC is one of China’s major multinational conglomerates and is active in global bauxite mining and refining
5	Major upcoming catalysts	 Mining license application to be made in Q2 2021  Strategic off-take and funding discussions advanced in parallel with the BFS & Government negotiations
6	Recent appointments and strategic developments	 Recent of appointment of Cliff Lawrenson as Chairman to assist Canyon develop and commercialise Minim Martap  Strategic $5.6m investment from Mr Peter Su – whose family have held commercial interests in bauxite and alumina refining in China

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Minim Martap – Product Typicals

Minim Martap bauxite offers a superior balance of critical characteristics compared with other seaborne bauxite sources. With high alumina content appearing mainly as gibbsite (>90%), and very low reactive silica.

Minim Martap Product Specification

Minim Martap vs other seaborne bauxite sources

Product Analysis	Typical
Total Al2O3	52%
Low Temperature Available Al2O3	47%
Boehmite	<0.5%
Total SiO2	2.0%
Low Temperature Reactive SiO2	1.4%
Fe2O3	13.9%
TiO2	4.9%
CaO	0.01%
MgO	0.04%
K2O	0.01%
Free moisture	10%
Organic Carbon	0.03-0.15%

Company / Deposit	Canyon Minim Martap	CBG Boke	Alufer Bel Air	Rusal Dian Dian	GAC Sangaredi	SMB-WAP Boke	Metro Mining (ASX: MMI)
Location	Cameroon	Guinea	Guinea	Guinea	Guinea	Guinea	Australia
Status	BFS	Operating	Operating	Operating	Operating	Operating	Operating
Total Alumina	52%	50%	44%	45%	46%	42%	~49%
Available Alumina (~150C)	47%	45%	38% - 39%	n/a	n/a	~40%	~39%
Total Silica	2.0%	2.5%	4-6%	3%	2%	~23%	~13%
Reactive Silica	1.4%	1.0%	1.7%	1.7%	1.7%	n/a	~6%
Iron	13.9%	12%	22% - 24%	n/a	20%	20%	n/a
Moisture	10%	7%	10%	10%	10%	10%	n/a

References: Sternship Advisers research. February 2021.

References: As per CAY’s technical specifications July 2020.

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Industry Thematics

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 Growing import demand from Major growth driver remains decline in both quality and quantity of domestic China 1 China, the largest importer of bauxite supply bauxite in the world  Environmental restrictions on mining also impacting domestic China bauxite supply  High grade bauxite requires less caustic soda consumption and lower red mud disposal Higher grade bauxite leads to more costs 2 efficient and environmentally  Speculation China could seek to restrict the import of low grade bauxite in a move to friendly alumina production

• High grade bauxite requires less caustic soda consumption and lower red mud disposal costs

 Speculation China could seek to restrict the import of low grade bauxite in a move to friendly alumina production tighten the environmental impacts of alumina refining  Guinea tripled its bauxite output between 2015 and 2019 as mining projects came China heavily reliant on Guinea online, with most of it going to China 3 bauxite supply  In 2019, Guinean bauxite exports were ~66 Mt, representing 95% of the total bauxite exports from Africa  Driving demand for imported bauxite supply 4 New Alumina refineries planned or  Major such as Chalco are constructing or have announced plans to expand coastal in construction near Chinese ports alumina capacity Aluminium demand forecast to  Global demand for primary aluminium is expected to increase by 50% in the next thirty 5 grow years  China produced a record 1bn tonnes of steel in 2020 The role of aluminium in  Recent media stating China is seeking to reduce raw steel capacity in 2021 6 substituting raw steel production  Aluminium’s light weight, corrosion resistance and recyclability are its major assets in becoming a metal choice in a low carbon global shift Bauxite recognised as 'critical raw  Inclusion recognises the strategic importance of the aluminium industry in supporting 7 material’ by the EU Europe’s transition to a green economy

References: Sternship Advisers research. February 2021.

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History and Future Review of milestones met and upcoming

Canyon has progressed the project rapidly

Significant milestones have been met in a short time

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Maiden JORC Rail Resource
Minim Martap Resource Scoping Study Maiden 20yr upgrades Port of Douala increased to
project granted upgrade complete PFS Complete Ore Reserve announced MoU signed +1Bt Camrail MoU
⦿ Resource ⦿ High-grade ⦿ Rail capacity ⦿ $2.5M capital ⦿ Product ⦿ $10M capital ⦿ Advanced
drilling portion of assessment raise details released raise and metallurgical
commences resource confirms strategic investor programme
identified capability for complete
bauxite haulage ⦿ Physical
testing
⦿ LiDAR programme
identifies 70 new complete
plateaux
⦿ Metallurgical
programme
complete
2018 2019 2020
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References: CAY ASX announcements 19 December 2018, 12 March 2019, 26 March 2019, 12 April 2019, 26 November 2019, 16 December 2019, 01 July 2020, 08 July 2020, 10 August 2020, 31 August 2020, 17 September 2020, 01 October 2020, 08 October 2020 and 19 November 2020.

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Catalytic milestones are in the pipeline

The project will deliver significant milestones: catalysts for the company

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Complete
Q2 2021 Q3 2021 Q3 2021 Q3 2021 Q4 2021
Q2 2021
Q2 2021
Grade Q2 2021 Q3 2021
Mining
Definition Updated Ore Convention Mining Permit Secure Mining Secure Secure rail and Financing
drilling Resource Negotiation Application ESIA Complete BFS Permit Offtake(s) port access Agreement
2021
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The Project

Defined by a PFS, supported by reserves and underpinned by high grade resources

Resource is large, high grade and open

High grade resource

Favorable geology

Significant resource upside

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Gibbsite dominant
Al(OH)3 or
Al2O3.3H2O
+1B 484
518
tonne
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48.8% Al O 2.6% SiO 2 3 2

45.2% Al O 2.8% SiO 2 3 2

Transitioning to Measured with 94% Grade Definition Indicated drilling program

12 Plateaux in Resource

 Mature laterite

• Gibbsite dominant

• Minimal Boehmite or Diaspore

2 Plateaux newly drilled

• Plateaux hosted

• Well draining

62 Plateaux not drill tested

• On surface

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References: CAY ASX announcements 08 October 2020

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PFS has delivered the Maiden Ore Reserve

Pre-Feasibility Study

Production		Avg-Yr
Production rate	Mt	4.9
Capital		Total
Total	USD 000	119,600
Capital intensity	USD/t capacity	24.5
Operating Costs		Avg-Yr
C1 costs	USD/t	35.1
Realisedprice		Avg-20Yr
Realisedprice	USD/t FOB	(init. 43.5)51.2
Cashflow		Total
Cumulative undiscounted free cash flows	USD 000	988,500
Average annual undiscounted free cash flows	USD 000	49,400
Projectpayback(post tax)	Years	4.2

Valuation	Discount rate	NPV (USD 000)	IRR
Project return -pre tax	10.00%	374,600	40%
Project return -post tax	10.00%	290,700	37%
Tax and Royalty		Duration	Rate
State royalty: Holiday		5.0 Yr(s)	-
State royalty: Nominal after holiday		-	5%
Corporate tax: Holiday		5.0 Yr(s)	-
Corporate tax: Nominal after holiday		-	30%

Maiden Ore Reserve

Classification	Tonnes (Mt)	Al2O3	SiO2
Proven	-	-	-
Probable	97.3	51.1%	2.3%
Total Ore Reserves	97.3	51.1%	2.3%

References: CAY ASX announcement 01 July 2020 and 10 August 2020

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Product has been quantified

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PREMIUM BAUXITE

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Product Profile
60 Total Al2O3 Available Al2O3
@ 90% conversion
50
40
30 Total SiO2 (x10)
Product Grade
20 Fe203
10
0
1 11 21 31 41 51 61 71
Quarter
Offtake Technical Commercial
• •
Bulk sampling Offtakers testing samples
• •
Mineralogy definition MOUs prepared
• •
Technical marketing Strategic investor support
Percent
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References: CAY ASX announcement 08 July 2020

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Canyon DSO is better than most peers

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Infrastructure overcrowding has led to Guinea
government enforcing a policy of 3 [rd] party Quality comparison puts Canyon’s product
infrastructure sharing
at the top of the grade spectrum
Total Alumina P R E M I U M B A U X I T E
42% 44% 46% 48% 50% 52% 54% 56%
0%
2
4 2, SMB-Winning
3 5 6, Chalco Indo Bauxite Mining Bosai Minerals
Corp
1%
7
1 6
GUINEA 4, UC Rusal Rio-Alcoa
WASHED
8 BAUXITE
2%
Global 7, AMC
Canyon Stage 1
3% 3, GAC
+160Mta
8, CBK Vimetco
5, CBG
seaborne bauxite WASHED
production Henan BAUXITE Alcoa-Alumina Ltd
4%
WASHED
Guinea export BAUXITE
China import
5% 1, Alufer
Vale-S32-Alcoa-Rio
+100Mta
80Mta
global seaborne 6% Rio
global seaborne WASHED
bauxite BAUXITE
bauxite
7%
Total Silica
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Bubble size represents annual production rate

References: CAY information memorandum (2020), Wood Mackenzie (2020), Company announcements

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Product is favorable to LT refining

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PREMIUM BAUXITE

Camalco Premium Bauxite is ideally suited to the Low-Temperature Bayer process refineries the most prolific and lowest cost

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Transport Crushing Digestion Clarification Precipitation Calcination Aluminium
Fuel Electricity Heat Caustic Heat
. STEP 1 STEP 2 STEP 3 STEP 4 STEP 5 FINAL
5 Parts Bauxite 2 Parts Alumina 1 Parts Aluminium
Red Mud
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Grade is king and green aluminium needs the highest-grade bauxites

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Quality drives product price

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PREMIUM BAUXITE

Camalco Premium Bauxite: Less transport fuel, less heat, less caustic and less red mud

Fuel Heat Caustic shipping uses Gibbsitic bauxite temperature Sodium Hydroxide 100 t ½ Less ½ per trip relative to of Boehmitic or 45% low grade Diasporic of 5% Silica grades

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Process plant inputs cost drivers outputs

Red mud

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Less Toxic red mud than lower grade bauxites

Grade is king and green aluminium needs the highest-grade bauxites

Sources: Wood Mackenzie (2020), Treatise on Process Metallurgy (2014)

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The Path To Mining Canyon Resources is preparing to mine

Canyon is preparing to mine

The transition to mining permits is underway with the BFS and partners in support

• Exploration Mining Convention Permit To be agreed with the Government of Cameroon.

• Conditions: 3 year permit Pre-requisites • DFS/BFS in development

• Annual commitments • ESIA in development

• Year 1: ✓ Drilling Content includes

• ✓ Resource update • Taxes and royalties • Local content

• Year 2: • Social and environmental

• ✓ Drilling • State participation

• ✓ Pre-feasibility • Health Safety Security and Hygiene

• ✓ Baseline studies initiated • Rehabilitation

• ✓ Impact assessments initiated • Land access • Shared infrastructure

• Year 3: • Training and development

Year 2: ✓ Drilling ✓ Pre-feasibility ✓ Baseline studies initiated ✓ Impact assessments initiated Year 3: Final Feasibility Study Financing options Mining convention commencement

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Mining Permit

Pre-requisites:

• Draft Mining Convention

• • DFS/BFS and ESIA

Conditions:

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• 20 year permit
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• Renewable on 10. year increments

• Development within 2 years

• Operations within 5 years

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Development
and operations
Ongoing compliance and reporting
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BFS is defining a simple supply chain

Mine and Site Existing Existing Existing Infrastructure Road Inland Rail Facility Rail Rolling stock Port Transhipping 1:0.4 strip ratio Upgrade road Stockpile Existing track 10 trains Reach-stacker 4 barges unloading 5 Mtpa DSO Extension to Box filling Minor upgrades: Each train: 50 km transship 160 kt stockpile mining areas 2 surface miners Reach-stacker Speed upgrade 4.5 hr interval Capesize Village diversion loading 10 trucks 5 new passing 2 locos 25-30 road trains Fuel farm loops No Drill and Blast 38 wagons 50 km travel Truck workshops Upgraded ops 350 man camp system 76 boxes (42 t) 750 km Admin 3,200 t Workshops

References: CAY ASX announcement 01 July 2020

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Canyon has integrated ESG from the start

Environmental, Social and Governance

Integrating appropriate management and metrics so that ESG risks are treated with the same relative importance as economic concerns.

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UNDERWAY
Expert partners
Baseline studies
UNDERWAY
Impact Assessment
Management Plans
Management System
ESIA
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Sustainability
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Economic :

• +20 permanent employees

• AUD 12.8M spent on the project

• Prioritising local suppliers

• Supporting Cameroon industry

• Environmental

• Waste and recycling managed

• Land disturbance permitting process implemented

• Hazardous material storage

Social

• Internships fostered

• Local school support

• Cultural heritage respected

• Community road maintenance

References: Company research

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Cameroon is ready for a mining industry

A country with the fundamentals for mining

Relative abundance of natural resources.

Besides oil and gas, minerals that are found in the country include aluminium, bauxite, cobalt, diamonds, gold, and iron ore.

Significant industry potential.

As the state of infrastructure improves, it is expected that mining in Cameroon, especially iron ore and bauxite extraction, will prosper.

Existing infrastructure to support growing industry potential.

Cameroon already has a two ports (Kribi and Douala), a hydropowered aluminium smelter as well as gas production, an oil pipeline and refinery in-country.

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As a future JV partner and with resource industrialisation a national imperative the government continues to support Canyon.

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The World Bank’s Country Partnership Strategy in Cameroon focuses on increasing the country’s competitiveness and improving service delivery.

Cameroon

Population: 27.7m

GDP: US $35b

President: Paul Biya

Prime Minister: Joseph Dion Ngute

Language: French & English

Government: Republic

References: Company research

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Existing infrastructure supports the value chain

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PREMIUM BAUXITE

Stage 1 - Minimum-viable DSO bauxite project for fast start-up and proof of concept Stage 2 - Expansion upside through Kribi deepwater port

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Scoping
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PFS
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BFS
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Funding Execution Operations

Significant upside in partnerships with value chain developers: The high quality bauxite and access to industrial brownfield sites and existing infrastructure, presents significant opportunities broader development and integration.

ALUMINA

Transition to coastal, gas powered, refining of bauxite into alumina

ALUMINIUM

Integration with existing hydro-electric powered refinery at Edea

Existing, enabling infrastructure

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Ports: Douala Rail and
Kribi operators
Industrial Fuel:
Sites Gas & Oil
Hydro Aluminium
electricity smelter
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The Team Meet Canyon Resources

Canyon’s organisation is capable

Board

Cliff Lawrenson

Chairman

David Netherway Non-Executive Director

Steve Zaninovich Non-Executive Director

Dimitri Bacopanos Non-Executive Director

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Peter Su
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Non-Executive Director

Mining Exploration Finance Project development M&A IPO Fund raising Corporate governance Mining operations

Senior Executive

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Phillip Gallagher
Managing Director
Nick Allan
Chief Financial Officer
James Durrant
Director of Projects
Rick Smith
Chief Development Officer
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Project identification Project development Project funding Bulk mining operations Technical marketing Fund raising Corporate marketing Corporate finance

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Technical Services & Business Administration

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Tech services Geology, hydrogeology, geotech Database and GIS Community Health Safety Security and Environment Camp operations Business administration Human Resources Government liaison

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Thank you

Phillip Gallagher info@canyonresouces.com.au

Address

Canyon Resources Limited Level 9, 863 Hay Street Perth WA 6000

Postal Address

PO Box 7606 Cloisters Square, Perth WA, 6850

Registered Address

Canyon Resources Limited Level 9, 863 Hay Street Perth WA 6000

Phone

+61 8 6382 3342

Fax

+61 8 9324 1502